EURUSD
Despite Friday’s breaking of extremely significant resistance zone coinciding with the downtrend line, Monday market opened with a bearish gap. Although the gap has not yet been fully closed, the market continues to decline as a result of what we have already reached support 1.1056. We are currently testing the support area around local support and the level of 38.2% Fibonacci correction. Overcoming this level could open the way for further declines, for which a potential range might be the next Fibonacci levels coinciding with local supports.
While investments in the currency pairs of the USD should be remembered tomorrow’s presidential elections in the United States, likely to have a significant impact on the markets.
GBPUSD
According to my weekend projection from the beginning of the day we observe a downward correction, which currently hovers around the level of 38.2% Fibonacci correction. In the near future we expect a deeper correction and re-test of support zone around 50% Fibonacci momentum.
USDJPY
Although the market started the week with fairly large bullish gap, almost from the beginning of the day we see increases, and nothing indicates that we will have today’s gap closed down . If only will be defeated last month highs, we expect a continuation of growth.
GOLD
After the response to resistance 1307.00 in line with earlier assumptions we see declines like that as in the case of USDJPY started with a large gap (in this case, downward). If in the near future there want be a strong reaction of demand, then we might expect declines even in surroundings of last monthly lows.
